Swiss rejection hits yellow metal
01/12/2014 11:39
Gold futures slumped in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a weak trend in the overseas market after Swiss voters rejected a plan for the country’s central bank to boost bullion reserves. 77 per cent of Swiss voters said no to a plan for the Swiss National Bank to hold a fixed proportion of its assets in bullion. A plunge in oil prices to a five-year low signaled weaker global inflation, dimming the appeal of gold as a hedge against the inflationary risk of monetary stimulus. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,348 per 10 grams, down by 1.73 per cent, after opening at Rs. 25,401, against the previous closing price of Rs 25,794. It touched an intra-day low of Rs 25,224. (At 11:24 AM).
01/12/2014 11:39
Gold futures slumped in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a weak trend in the overseas market after Swiss voters rejected a plan for the country’s central bank to boost bullion reserves. 77 per cent of Swiss voters said no to a plan for the Swiss National Bank to hold a fixed proportion of its assets in bullion. A plunge in oil prices to a five-year low signaled weaker global inflation, dimming the appeal of gold as a hedge against the inflationary risk of monetary stimulus. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,348 per 10 grams, down by 1.73 per cent, after opening at Rs. 25,401, against the previous closing price of Rs 25,794. It touched an intra-day low of Rs 25,224. (At 11:24 AM).
